How to Make a Living Selling What You Make

Bonus w/ Purchase: Your MAL # (ideal #) in Detail

How to Make a Living Selling What You Make

Lesson 13 of 41

Bonus w/ Purchase: Your MAL # (ideal #) in Detail

Lesson Info

Bonus w/ Purchase: Your MAL # (ideal #) in Detail

Hello everyone so we are in this special bonus lesson which is your male number in detail so in lesson too we talked about your make a living number and we did all of the calculations that you need in kind of a back of the napkin sort of way but what we're going to do now in this lesson is dive into our spreadsheet here and break down the numbers a little bit more so included in your purchase you get this spreadsheet and you can either use it in numbers or excel so whichever program you're working on and this is really great for two reasons one if you want to dive deeper into your numbers you can go ahead and plug this in and really work everything out and kind of see it really clearly the other reason that this works really well is if you I don't want to do the math all the formulas are already set up in this so you can go ahead and her things in and actually test out your scenarios and see how you make a living number changes by tweaking different areas of your business let's go ahea...

d and take a look there are three tabs on this spreadsheet and so what I wanna do is just walk you through how this works and how you can use it to calculate your number so the first tab is going to be your business break even so this is all of your business expenses, so what you could do is you can either go through the last twelve months or you can project out what you think they will be for the next twelve months and you can plug things in, so the reason that I did it monthly is because I wanted you guys to be able to break it down if you have expenditures that very for a month to month now, if you want to cheat a little and you're like, well, I know my annual number what you can actually do is if you're like, well, I know I spent a thousand dollars on materials and you don't go if you but every month in you can plug any thousand, so if you don't want to do month by month, you could just stick it in the last column and it'll still factor it out for you so you can go down in here and you can fill out all of these categories. So let's say that you know, that you need to buy you a new tool next year so you can go ahead and factor that in. So maybe in october you're going to buy, you know, a new something that costs four thousand dollars, what costs four thousand dollars something you're going to buy that maybe you've got outsource some production you can put that in there so you can start to just accept that percentage because it's dollar sign actually, if I just put in numbers, we'll do it so you can start to plug in these numbers and what it will start to dio as we scroll down, is it going total up for your year and then it's going to give us your monthly brake, even right? So it'll do all of this, matthew could work through everything, and if you have other categories that you need to add and you can go ahead and add them at the bottom. So what's great about this is that you could run a scenario where it's just you in the business, and then you could come back in and say, you know what? Yeah, I really need to add an employee. There is no way I could do all this on my own. I'm going to plug this employee in there and see how that shifts my number, right? So that's the first piece of this, then we can go into the second piece and there's two options on the second piece of the video, so the first one is, if you have an existing salary that you know you want to hit, you can just plug that in in the top column now, just a little note. The top column doesn't populates the next page, so if you're doing that, you'll do a manual edition, but so in this case, you know, lisa said, I know I want to make seventy five k annually, she could just pluck that number and be done with this, you may decide that you have this idea of what you want to make, but you want to increase it is the year goes by so that's something that you could do in this as well. So you could say, you know, for the first three months of the year, my goal is to pay myself a thousand dollars, but by the time I get to, you know, april, I want to pay myself a little bit more, and by the time I get to holiday, I wouldn't pay myself a little bit more, so one of these things have to stay the same. Now, if you're really not sure what you want your salary to be, you know you may be you are coming from a day job, you're just starting out, you just came out of school, whatever it is, then you could actually go in and figure out all of these personal expenses you can see I plugged a few things in here just for fun magic s o maybe you come in and you decide you know what I really want to go somewhere warm in january. I'm gonna plug that in. I wanna take my kids to the beach in july. You wanna do a little bit, get away in the fall, you can start to plug those things in and see how that affects these numbers. And then this is where the real magic happens, right? We could go over to the third spreadsheet. What it's going to dio is pull that number from the first sheet. So that's, our business break even our lifestyle break in break even. I'm gonna give you our annual total for those two numbers. Right? Then this magically ads in all those extra little buffers for us, right? We've got savings. We've got profit and we've got taxes. Now you may be in a different tax bracket. You may want a different savings percentage. You can go in and actually edit all of these numbers as well. So let's say after doing all of this, I realize I should really be in forty percent tax bracket. So now that changes I make a living number so you can use this to run a million different scenarios for your business, to really figure out where you need to be and what you need to do with your business. As things change, she has any questions about the spreadsheet all right, well, that's it. I want you guys to get in there, use this spreadsheet, play around, really dive deep into that, make a living number, and then, just like we talked about before, gets to know that number is going to be scary. Get comfortable with it. But in this case, you could run a lot of different scenarios to see what really feels right for your business. And you can do it for the next year, the year after the year after. So you're building towards a bigger revenue goal. You can break it down here by year to help you get there. That's it. Thanks, guys.

Class Description

It's common for a crafter to get inspired and pour time and money into launching a creative business idea that they “just know” will be a hit only to discover that there isn’t much of a market for the business they envisioned. But it doesn’t have to be that way – there are specific actions you can take to ensure even the most creative endeavor makes money right away and doesn’t flop.

How to Make a Living Selling What You Make is your complete guide to building a thriving handmade business. Megan Auman is a maker and educator who has built a multi-faceted business around her passion for great design. Her jewelry line is sold in stores across the US and in this bootcamp she’ll teach you the recipe to her success.

You'll learn how to:

Generate revenue from the beginning while balancing longer-term growth

Find the best and worst revenue streams for your products

Set targets, create profitable pricing, and evaluate market demand

Deepen your product line and build your brand

Grow your email list and use social media for long-term growth

Develop production strategies as you start creating more product

This course includes a comprehensive workbook with exercises and activities designed to propel you through the lessons and position your business for sustainable success.

Megan will help you develop your business idea so you don’t waste time and money on projects that don’t pencil. She’ll also share insights on what to do once your business is up and running. She’ll coach you through best practices for hiring, outsourcing, and planning for the long haul. You’ll walk away confident that you can develop and stick with a business plan that won’t have you tied to a day job or pouring money into a project that doesn’t pay. How to Make a Living Selling What You Make will set you up to earn a serious income by doing what you love.

user a03f28

Love the shorter and longer format to this class. It keeps me interested and I don't have to schedule a whole day at once, during the free play. Well worth the money if you pay for the class too. Megan is amazing! She really knows business, marketing and has strategies which apply to all kinds of businesses. The work book is 150 pages long and breaks everything down into small bits and teaches you to really think about all aspects of your business. Where you were, are now and best of all where you want to be and how to get there. Highly recommend any of her classes. Thank you so much Megan and Creative Live for bringing us such wonderful content!

user-e2bf69

This course was totally awesome!!! I cannot express enough how fantastic Megan Auman is, what a great teacher she is, and am so thankful she offered it for FREE!!! Wow!!! It was exactly where I was at, stuck and frustrated. Exactly what I needed to begin to get my business off the ground. I am currently implementing all I have learned from her. Rebranding my self, rebuilding my website, new product shots, model shots, list building, etc., etc. I am still connected with the Facebook group, and that is awesome we have that connection to continue helping each other out and using each other as a sounding board. I plan on purchasing the course as soon as I can. I HIGHLY, HIGHLY recommend this course to anyone who is struggling to get their business off the ground and going!!!

user-3f5a23

Thank you Megan for this opportunity.
I really liked the first classes. You indicated interesting directions to think about. Even though life verifies the rest it is still worth to become smarter. Great Work! Best regards from Poland. Ewa